Menu

Employee’s Wage and Tax Statement Assignment Help With Solution

Employee’s Wage and Tax Statement Assignment Help

1.Ehrlich Co. began business on January 2, 2015. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 2016, before the Wage and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees’ earnings records were inadvertently destroyed.

None of the employees resigned or were discharged during the year, and there were no changes in salary rates. The social security tax was withheld at the rate of 6.0% and Medicare tax at the rate of 1.5%. Data on dates of employment, salary rates, and employees’ income taxes withheld, which are summarized as follows, were obtained from personnel records and payroll records:

Employee

Date First Employed

Monthly Salary

Monthly Income Tax Withheld

Arnett

Nov. 16

$5,500

$944

Cruz

Jan. 2

4,800

833

Edwards

Oct. 1

8,000

1,592

Harvin

Dec. 1

6,000

1,070

Nicks

Feb. 1

10,000

2,350

Shiancoe

Mar. 1

11,600

2,600

Ward

Nov. 16

5,220

876

Required:

Calculate the amounts to be reported on each employee’s Wage and Tax Statement (Form W-2) for 2015. Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.

2.North Diamond Inc. applies overhead on a direct labor hour basis. Each unit of product requires 12 machine hours. Overhead is applied on a 30 percent variable and 70 percent fixed basis; the overhead application rate is $40 per hour. Standards are based on a normal monthly capacity of 24,000 machine hours. During September 2001, North Diamond produced 2,300 units of product and incurred 25,000 machine hours. Actual overhead cost for the month was $1,00,000.

a. What were standard hours allowed for September?

b. What is total annual budgeted fixed overhead cost?

c. What is the controllable overhead variance?

d. What is the noncontrollable overhead variance?

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.

Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.

Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.

Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.

Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Case Approach

Scientific Methodology

We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:

Defining Problem

The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.

Structure Definition

The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.

Research and Analysis

This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.

Conclusion & Recommendations

A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.

a. Prepare a variance analysis using the four-variance approach. (Hint: Convert the production of each type of product into standard hours allowed for all work accomplished for the month.)

b. Calculate overhead variances using the four-variance method.).

c. Evaluate the effectiveness of managers in controlling costs.

3.ATTENTION Products manufactures a neon lamp sign with the following standard conversion costs:

Direct labor (4 hours @ $12 per hour)

$ 48

Factory overhead (10,000 DLH expected capacity)

Variable (4 hours @ $16 per hour)

64

Fixed (4 hours @ $8 per hour)

32

Total unit conversion cost

$144

The following data are given for December, when 8,000 standard labor hours were used:

Labor rate variance

$ 4,500 U

Labor efficiency variance

12,000 U

Actual variable overhead

153,000

Actual fixed overhead

78,000

Calculate the answers for the following unknowns:

a. Total applied factory overhead

b. Volume variance

c. Variable overhead spending variance

d. Variable overhead efficiency variance

e. Total actual overhead

f. Number of units manufactured

4. Overhead information for Danielson Company for October follows:

Total overhead incurred

$28,800

Budgeted fixed overhead

$7,200

Total standard overhead rate per machine hour (MH)

$4.50

Standard variable overhead rate per MH

$3.00

Standard MHs allowed for the units manufactured

3,500

Required:

a)What is the standard fixed factory overhead rate per machine hour?

b)What is the denominator activity level that was used to establish the fixed overhead application note?

c)Prepare a diagram such as the one in Exhibit 15.7, Panel 3, to calculate the following overhead variances for October:

i)Total flexible-budget variance for factory overhead.

ii)Factory overhead production-volume variance.

iii)Total factory overhead variance.

5.Trico Company set the following standard unit costs for its single product.

Direct materials (27 Ibs. @ $3.00 per Ib.)

$

81.00

Direct labor (6 hrs. @ $6.00 per hr.)

36.00

Factory overheadA1variable (6 hrs. @ $4.00 per hr.)

24.00

Factory overheadA1fixed (6 hrs. @ $5.00 per hr.)

30.00

Total standard cost

$

171.00

The predetermined overhead rate is based on a planned operating volume of 50% of the productive capacity of 70,000 units per quarter. The following flexible budget information is available.

Operating Levels

40%

50%

60%

Production in units

28,000

35,000

42,000

Standard direct labor hours

168,000

210,000

252,000

Budgeted overhead

Fixed factory overhead

$

1,050,000

$

1,050,000

$

1,050,000

Variable factory overhead

$

672,000

$

840,000

$

1,008,000

During the current quarter, the company operated at 60% of capacity and produced 42,000 units of product; actual direct labor totaled 245,000 hours. Units produced were assigned the following standard costs:

Product Code :Acc-sol-24

To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)

You can also email us at assignmentconsultancy.help@gmail.com but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in ourQ&A sections here.